"The greatest remedy for anger is delay."
–Lucius Annaeus Seneca
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Happy Saturday Folks! Last week I mentioned that we continued to trade flat and in a very tight range and when that typically happens you get a very strong breakout in one direction or the other; unfortunately that direction was DOWN! As I type Bitcoin is trading at $25,888.90 and for the week (M-F) Bitcoin was down $3,358.88; week over week it's down $3,441.92. The best performing asset in the past 7 days was $TRX - down only 4.77% in position #10 on Coinmarketcap.com. Last week the Fear and Greed Index was at 54 and today it's 39; it's entered the FEAR zone for the first time in months.
So as you can imagine the price has sucked the air out of the room and everyone is breathing quite hard right now, but now isn't the time to panic. Technically this does put Bitcoin in a bind and if it can't rebound we could be looking further south for the price to drop; it's back below the 200 WMA. It's crazy to think that the second most covered news was Shibarium mainnet launch but Crypto media went ham on this story. Outside of that Coinbase launching futures was covered pretty good as well as Singapore unveiling its framework for Stablecoins. Lastly, Donald Trump holding a lot of Ethereum really wasn't a shock since he does dabble in NFTs.
Podcasts this week covered, how it's too late to put the Bitcoin Genie back in the bottle, how folks have such a misconception about what money is, the best way to get educated on Bitcoin is via local meetups, the value of Bitcoin's creation of its own sense of time and it being the most secure blockchain, and lastly understanding the impact of putting billions of people on the Bitcoin blockchain.
Thanks for reading, watching, and listening with me each and every week!
THE WEEDS
Monday the price of Bitcoin closed at $29,408.44 and the most covered news of the day was Donald Trump holds up to half a million in Ethereum, according to a recently released financial disclosure form submitted to a federal ethics agency.(3)
Podcast of the Day: The Bitcoin Genie Isn't Going Back in the Bottle | The Breakdown
Tuesday the price of Bitcoin closed at $29,170.35 and the most covered news of the day was the Monetary Authority of Singapore (MAS) has unveiled its framework for regulating Stablecoins following a public consultation in October last year.(6)
Podcast of the Day: Guys Take_069 - But It's Just Digital Points... | Bitcoin Audible
By Wednesday (Humpday) the price of Bitcoin closed at $28,701.78 and the most covered news of the day was Cryptocurrency exchange Coinbase (COIN) can now list crypto futures in the U.S. nearly two years after applying for approval.(6)
Podcast of the Day: BTC143: Local Bitcoin Education & Meet-ups w/ Rod Roudi | BF
Right over the hump on Thursday the price of Bitcoin closed at $26,664.55 and the most covered news of the day was Shiba Inu launched the Shibarium mainnet, an Ethereum layer-2 scaling solution, after months of testing that saw millions of users participate and 21 million wallets created.(17)
Podcast of the Day: Read_756 - Bitcoin, The Trust Anchor in a Sea of Blockchains [Jameson Lopp] | Bitcoin Audible
As the week came to a close on Friday the price of Bitcoin closed at $26,049.56 and the most covered news of the day was Bitcoin's massive plunge of 10% to a nine-week low at $25,649 has resulted in 800M in long liquidations; Crypto market as a whole lost $1.04B.
Podcast of the Day: Read_757 - Putting the B in BTC [Anthony Towns] | Bitcoin Audible
WEEKEND NEWS
Bitcoin is down for the week, but it’s still up about 50% YTD, but as the weekend continues, Bitcoin is giving plenty of longtime market participants reason to forecast a return to its previous cycle's $20,000 all-time high — or worse. Veteran trader Peter Brandt is warning that Bitcoin (BTC) is on the verge of losing all bullish momentum following the marketwide crypto correction.
Meanwhile, Bitcoin mining stocks have jumped by over 200% year-to-date. One miner stock, Cipher Mining (CIFR), is up by a whopping 389% for the year so far. John Reed Stark, a former SEC insider who served as an attorney at the regulatory agency, has cast doubt on the possibility of a Spot BTC ETF approval.
New data from market intelligence firm Santiment suggests that altcoins may recoup some of their losses from the crypto market’s sharp downturn last week. Dormant Ethereum whale wakes up after 8 years with lots of pre-mined ETH. At least 16 applications for Ether or Bitcoin-Ether futures ETFs are awaiting regulatory approval in the United States; they might all get approved at the same time. Binance native BNB coin's price has fallen to a yearly low of $216 amid speculations that the exchange was propping its value. The perpetrator who hacked Binance’s internal cross-chain bridge last year and looted $570 million worth of Binance Coin (BNB) just got some of their stolen funds liquidated.
Coinbase-backed layer2 network Base daily transactions briefly beat that of Optimism and Arbitrum recently and the total value of assets locked on the blockchain network has also increased to $229 million.
The U.S. SEC said it was not contesting if the underlying assets in its cases against Ripple and Terrform Labs were necessarily a security and the regulator said it had to appeal the Ripple's case because its outcome could impact its other legal battles. Sam Bankman-Fried asked requested to leave his detention facility five times in a week to prepare for his defense and SBF lawyers argue that the request was important to help the former FTX's CEO prepare his case properly. According to David Schwartz, the SEC is seeking an appeal at this specific point based on its interpretation that the legal case has not yet concluded. In a recent court filing, Gemini continued to press for dismissal in its lawsuit against the SEC, citing unclear allegations and shifting arguments.
An Optimism-based (OP) decentralized credit market protocol has been hacked to the tune of millions of dollars worth of Ethereum (ETH). Blockchain analytics firm TRM Labs finds that North Korean hackers have looted more than $2 billion worth of crypto in the past five years.
Sources:
Bitcoin Price (Cointelegraph)
Bitcoin Mining (CryptoPotato)
Bitcoin ETF (Finbold)
Bitcoin Analysis (TDH)
Altcoins (TDH)
ETH (UToday)
ETH ETFs (Cointelegraph | BIC)
BNB (BIC | TDH)
Coinbase (BIC)
Legal Battles (BIC | BIC | Cointelegraph | Cointelegraph | CryptoPotato | Blockworks | TDH)
Attacks/Hacks/Scams (TDH | TDH | CryptoPotato)
